Cleveland Stock Broker Misconduct Lawyers

Ohio Investment Fraud Attorney

Most Wall Street brokerage firms go to great lengths to convince the public that they are staffed with “financial advisors” who care for clients’ financial well-being. The trusted stockbroker is held out as a professional advisor who will keep a careful eye on your portfolio and protect your interests through thick and thin. This may not always be the case.

At Garson Johnson LLC, in Cleveland, Ohio, our lawyers provide investors with representation in claims for stockbroker misconduct and other forms of investment fraud. We have the knowledge, experience and skill needed to achieve your goals. Contact us to arrange a complimentary consultation.

We typically provide representation for stockbroker misrepresentation claims on a contingency basis**, meaning you will not be responsible for attorney fees unless we are successful in your case.

What are your investment counselor’s true goals?

Representatives at most brokerage firms are really interested in only two things — making money from their existing clients and finding more clients to make even more money. Frequently, your “advisor” will have had little, if any, training in such basic concepts as asset class diversification, risk analysis, periodic portfolio review and investment suitability.

They are salespeople, generally not credentialed in investment or finance, despite the millions of marketing dollars spent by the large brokerage firms every year to convince the unsuspecting public otherwise. So when large retirement nest eggs are moved to a brokerage firm and invested as directed by the firm’s supposed “financial advisor,” many retirees may find themselves on the losing end. They are often steered towards mutual funds or individual stocks that are far too risky. Their retirement portfolios are not properly diversified.

When market conditions change, no one calls and advises them to protect themselves against large losses. To make matters worse, many retirees are sold inappropriate, high-cost variable annuities, an insurance product that almost always pays a large up-front commission to the broker, but is often unsuitable for the client. In the end, the client is the loser and the brokerage firm refuses to take responsibility for the excessive losses suffered from stockbroker misconduct.

Fiduciary Duty of a Stockbroker or Investment Adviser

There is hope for victims of unscrupulous stockbroker and investment advisor misconduct. Stockbrokers owe specific fiduciary duties to their clients. First and foremost, they are required to “know the customer” by gathering and maintaining pertinent information, and to only recommend investments that are suitable given the customer’s financial profile. Stockbrokers also have a duty to disclose important information concerning the recommended investments, including the level of risk associated with each investment. Moreover, brokers generally owe a fiduciary duty of good faith and fair dealing, which means that they are not allowed to recommend unsuitable investments solely because they stand to make a large commission. In short, brokerage firms can be held liable for unsuitable investment recommendations.

If you have suffered excessive losses due to stockbroker misconduct, our attorneys can help you identify a course of action. We have achieved great success in individual and class action cases involving:

Referrals from Legal and Financial Professionals

Has your client suffered a serious loss due to misconduct on the part of a stockbroker or investment counselor? We may be able to help. Garson Johnson LLC welcomes referrals from attorneys and accountants.

Contact Garson Johnson LLC

If you believe that you have been the victim of stockbroker or investment advisor misconduct, we can help. Please call 216-696-9330, or e-mail our office with any questions or to arrange a free consultation.

*Typically our Cleveland law firm charges no attorney fees for business litigation services unless our clients benefit from those services through a successful settlement or verdict. However clients are responsible for expenses related to litigation.

 

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